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Modi to meet chiefs of BP, RIL, Saudi Aramco and other energy majors today

PM Modi's meet with top execs comes at a time when the country is gearing up to allot blocks under its new round of oil and gas auctions

Shine Jacob  |  New Delhi 

Govt may offer up to 60% stake in oilfields to private players
Representative image

With the country gearing up to allot blocks under its new round of oil and gas auctions, Prime Minister is set to meet key global industry giants on Monday. 

Modi is set to meet chief executive officer Bob Dudley, CEO Amin H Naseer, chief Igor Sechin, Chairman Mukesh Ambani, and Chairman Anil Agarwal, among others, for a meeting. "It is completely coordinated by NITI Aayog and all major industry players will be present there," said an industry source.  

This comes at a time when the ongoing Open Acreage Licencing Policy (OALP) rounds are set to attract further investments in the sector. India has 26 sedimentary basins stretched over 3.14 million sq km. Out of these, hydrocarbons are extracted only from seven basins. 

During the new rounds, 2.7 million sq km will be on offer, comprising 1.5 million sq km of onshore and 1.2 million sq km of offshore areas. Under the new Hydrocarbon Exploration Licensing Policy (HELP), these blocks will be up for grabs on a revenue-sharing model, providing pricing and marketing freedom to operators.

First Published: Mon, October 09 2017. 12:48 IST